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Beyond BI: Predict Future Performance

February 27, 2014

Predictive Analytics, Predictive Analytics Demystified

Predictive Analytics

What businesses need from business intelligence (BI) is the full picture – BI should help you not only describe and diagnose your past and current performance, but also predict future performance. Predictive analytics enhances the value of deploying BI reports, dashboards and scorecard capabilities, and identifies future risks and opportunities for business success.

Business Context

Using the full range of BI solutions can help your company anticipate forward-looking trends and improve overall performance and ROI.

  • Organizations that utilize predictive analytics in addition to business intelligence achieve an average return on investment of 250 percent (source:  IDC: The business value of predictive analytics, June 2011).
Recommended Audience

Senior Executives; Operational and Finance Managers; IT Managers; Business Intelligence Managers; Business Analysts

Outline

Business Intelligence can drive success by helping to:

  • Identify market trends ahead of the competition.
  • Understand customer behavior.
  • Tackle and solve operational inefficiency.
  • Make sound business decisions with confidence.
  • Overcome bad decisions that seem obvious in hindsight.
  • Make sense of the explosion of data and data sources that are currently clouding the business horizon.

 Predictive analytics takes BI to a new level

  • Predictive analytics processes historical data, “learns” what has happened in the past and creates models.
  • Predictive analytics gives you the glimpse of the future that is needed for a more complete picture of your business.
  • You can get this forward view of your business without advanced algorithms or Ph.D. skills because the predictive information can be accessed from your dashboard, report or scorecard.

 The benefits of a forward view of your business

  • Beat the competition. Transform your business from a reactive operation to a proactive market leader by setting and staying ahead of trends with integrated analysis of text, web and survey data.
  • Reinforce accuracy and confidence in decisions. Move beyond simply understanding past performance by validating business intuition and existing practices and policies with a view into what is likely to happen next.
  • Enrich the data discovery experience. Understand your data better by discovering patterns and trends in your structured and unstructured data.

 Benefits by role:

  • Executives can use predictive intelligence in decisions made at all levels of the organization—strategic, operational and tactical.
  • Business managers can recognize which factors are influencing outcomes and the relationships therein to pinpoint issues and drive improvements.
  • Business analysts can easily attain a very detailed understanding of the relationships hidden in all your data (numerical and text). They can generate focused predictive intelligence that can improve decision outcomes for measureable ROI.
  • Analytics professionals can use structured and unstructured data to determine relationships and construct models to predict outcomes and future events.
  • System managers can take advantage of non-intrusive integration with operational systems and flexible deployment

 How forward-thinking BI works

 The right BI

  • Unified workspace
  • Agility and accessibility
  • Hypothesis testing
  • Predictive analytics
  • Desktop analytics

 Your BI solution should allow you to:

  • Understand what happened
  • Explore why it happened.
  • Predict what is likely to happen next.

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